CUL 0.00% 1.3¢ cullen resources limited

cullen resources

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    The Directors of Cullen Resources Limited (Cullen) are pleased to
    announce that agreement has been reached between Cullen and Barrick
    Gold Australia Limited (Barrick), a subsidiary of Barrick Gold
    Corporation one of the world's largest gold miners, to form a joint
    venture covering most of the Company's tenements in the Northwest
    Ashburton Province, WA.

    Under the terms of the Joint Venture, Barrick can earn a 70% interest
    in the package of tenements for an expenditure of $5 million over 5
    years, of which $350,000 would be committed in the first year,
    subject to granting of two key tenements at Hardey Junction, E
    08/1166, 1189. On Barrick reaching 70% interest, Cullen can maintain
    30% or dilute accordingly to a minimum 10% free carried interest. At
    a Decision to Mine, Cullen has options to convert its interest to a
    Net Smelter Return.

    Properties included in the Joint Venture are De Courcy (E 47/874,
    875,1004)), De Courcy North/Horse Well (E 47/903, ELA 47/11540,
    Hardey Junction (E 08/1145, ELAs 08/1166,1189,1327), Catho Well (ELA
    08/1330), Cardo Well (E 08/1341) and Mount Stuart (ELA 08/1292)

    The Hartley Junction property covers 30 strike km of Proterozoic age
    Wyloo Group Shelf sediments and major WNW and NNW structures
    prospective for sediment-hosted or "Carlin style" gold deposits, a
    geological setting comparable to the Cheela Plains Project (Newcrest-
    Sipa Resources International NL Joint Venture) and Sipa's high grade
    Waugh discovery near Mt Olympus. At De Courcy, Cullen has detected
    extensive gold anomalism in soils, rock chips and stream sediments in
    the SE sector of the Wyloo Dome along one of the major gold corridors
    of the Ashburton.

    The agreement is subject to documentation and WA Department of
    Minerals and Petroleum Resources approval.

    Managing Director John Horsburgh commented "Cullen has been actively
    exploring in the Ashburton since 1998 and has acquired tracts of
    prospective but underexplored areas along major shear zones. We
    welcome Barrick as a joint venture partner and look forward to some
    exciting exploration. The entry of Barrick not only reflects the
    emergence of the Ashburton as a significant new gold province but
    also underscores the potential of Cullen's areas to host world class
    gold deposits. Barrick is a major player in the Carlin Trend of
    Nevada producing 2.2 million ounces of gold in 2001 from its
    Betze-Post and Meikle mines."

    For further information contact either Grahame Hamilton or John
    Horsburgh on (02) 94374588 or fax (02) 9437 4599.

    ATTRIBUTION

    Information in this report which relates to mineralisation is based
    on information compiled by Grahame Hamilton, a full time employee of
    Cullen Resources Limited who is a Member of the Australian Institute
    of Geoscientists and has relevant experience as a Competent Person as
    defined in the Australasian Code for Reporting of Identified Mineral
    Resources and Ore Reserves in relation to mineralisation being
    reported on.
 
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